JB Chemicals & Pharmaceuticals recently announced its financial results for the quarter ended 30th September, 2023.
Quarterly Financial Performance – Q2 FY24 vs Q2 FY23
JB Pharma recorded revenue of Rs 882 crores in the second quarter of FY24 registering growth of 9 per cent from Rs 809 crores in Q2 FY23. Operating EBITDA* (Earnings before Interest Depreciation and Taxes) improved by 24 per cent to Rs 251 crores. Profit after Taxes registered growth of 36 per cent to Rs 151 crores vs Rs 111 crores in Q2 FY23.
*Operating EBITDA is after excluding non-cash ESOP Charge
Financial Performance – H1 FY24 vs H1 FY23
For the first half of the financial year 2023-24, the company recorded revenue of Rs 1778 crores as compared to Rs 1594 crores, registering growth of 12 per cent. Operating EBITDA* increased by 26 per cent to Rs 494 crores as compared to Rs 392 crores. Profit after Tax registered strong growth of 36 per cent to Rs 293 crores vs Rs 216 crores in H1 FY23.
Key Highlights
- JB Pharma recorded YoY revenue growth of 9 per cent to Rs 882 crores in Q2 FY24 and 12 per cent to Rs 1778 crores in H1 FY24
- Domestic formulations business continued its momentum recording YoY growth of 11 per cent in Q2 FY24 and 14 per cent in H1 FY24
- International business registered YoY growth of 7 per cent in Q2 FY24 and 9 per cent in H1 FY24
- CDMO business continued to perform well recording revenue of Rs 115 crores
- Operating EBITDA* witnessed YoY improvement of 24 per cent in Q2 FY24 and 26 per cent in H1 FY24
- Operating EBITDA margin stood at 28.5 per cent in Q2 FY24 and at 27.8 per cent in H1 FY24
- Gross Margin was 66.2 per cent for the quarter (YoY improvement of 350 bps) and was at 65.8 per cent in H1 FY24 (YoY improvement of 310 bps)
- Total employee costs increased by 9 per cent to Rs 148 crores in Q2 FY24 and by 10 per cent to Rs 297 crores in H1 FY24
- Other expenses as a percentage to sales improved to 21.8 per cent in Q2 FY24 vs 23.2 per cent in Q2 FY23 and to 22.3 per cent in H1 FY24 vs 23.4 per cent in H1 FY23
- Net Profit improved by 36 per cent in Q2 FY24 as well as in H1 FY24.
Domestic Business
- Domestic business grew 11 per cent to Rs 481 crores in Q2 FY24 vs Rs 434 crores in Q2 FY23
- Business grew 14 per cent to Rs 970 crores in H1 FY24 vs Rs 853 crores in H1 FY23
- Chronic segment performed well in Q2 FY24 and H1 FY24 while Acute portfolio remained subdued due to weak demand
- JB Pharma continues to be the fastest growing company amongst Top 25 in IPM (IQVIA MAT Sept’23 data) while as per IQVIA H1 FY24 data, JB Pharma was the fastest growing company among the top 25 in the chronic segment recording YoY growth of 18 per cent
International Business
- International business recorded revenue of Rs 401 crores in Q2 FY24 and Rs 808 crores in H1 FY24
- Excluding South Africa, the business grew double-digit in Q2 FY24 and midteens in H1 FY24
- International formulations business registered YoY growth of 7 per cent in Q2 FY24 to Rs 263 crores and 9 per cent in H1 FY24
- RoW exports business recorded strong growth in Q2 FY24
- Momentum in CDMO business continues as it garnered revenue of Rs 115 crores in Q2 FY24 (YoY growth of 5 per cent) and Rs 234 crores in H1 FY24 (growth of 11 per cent)